Investor focus was mostly attuned to global trade developments Monday, after a Wall Street Journal report overnight said that the U.S. and China were closing in on a deal.

The paper reported Sunday that China had offered to lower tariffs on U.S. farm, chemical and auto products as part of a trade agreement, while the U.S. was considering removing most, if not all, duties imposed on Chinese products last year.

Last week, the White House economic advisor, Larry Kudlow, told CNBC that Washington and Beijing were making “fantastic” progress in their negotiations.

Elsewhere, investors will likely monitor construction spending figures, which are due to be released at 10 a.m. ET.

Meanwhile, the Treasury is set to auction $48 billion in three-month Treasury bills and $39 billion in six-month bills on Monday.